Crypto Analyst Anticipates a ‘Stunning Surge’ for Dogecoin Once it Surmounts Key Resistance Level
An esteemed cryptocurrency analyst has recently put forth the notion that Dogecoin, the meme-inspired cryptocurrency, may witness a “stunning surge” during the holiday season once it surpasses a crucial price threshold.
In a post shared with their expansive following of over 370,000 individuals on X (previously known as Twitter), the anonymous crypto analyst known as Crypto Tony asserted that once DOGE breaks through the $0.108 mark, the cryptocurrency could experience a “gorgeous pump.”
$DOGE / $USD – Update
Give us that gorgeous pump on DOGE this Christmas. 0.106 to clear and it is go time pic.twitter.com/Eo8IRsM4SH
— Crypto Tony (@CryptoTony__) December 19, 2023
This tweet comes at a juncture where the meme-inspired cryptocurrency has slipped from its position as the ninth-largest cryptocurrency by market capitalization, as Avalanche (AVAX) has notably outperformed it. Currently, AVAX boasts a market cap of $15.6 billion, while DOGE’s market cap lingers at $13.1 billion.
Although Dogecoin has recently shown signs of growth, this upturn hasn’t translated into a price uptick. The cryptocurrency recently achieved a milestone, with the total number of addresses on its network with a balance surpassing the 5 million mark. Furthermore, the number of active addresses on the network has more than doubled to reach 168,000, marking its highest level since March of last year.
This rise occurred after a significant amount of older DOGE started migrating out of dormant wallets, indicating that the price of the memetic cryptocurrency could soon experience an upward trend.
Captain Faibik, another popular crypto analyst, recently suggested that DOGE’s price could skyrocket by approximately 700% from its current levels, affirming that the “DOGE train has already left the station.”
Historically, DOGE has experienced substantial rallies within short timeframes. In 2021, search interest for Dogecoin skyrocketed during the cryptocurrency’s massive 10,000% price surge, escalating from an average of 135,000 monthly searches in April 2020 to a staggering 16.5 million in April 2021.
Originally conceived as a joke in 2013, Dogecoin’s community has become renowned for engaging in philanthropic endeavors, including supporting charitable organizations. The cryptocurrency gained significant attention in 2014 when it raised over $25,000 worth of DOGE to enable the Jamaican bobsleigh team to participate in the Winter Olympics in Sochi.
Featured image via Unsplash.